Initial Inventory

How to enter your opening stock balances

Jacqui Sullivan avatar
Written by Jacqui Sullivan
Updated over a week ago

If you are coming from another stock management system, you will probably have to enter your initial stock. This should be done by recording the individual transactions manually or you can import your opening stock balances. We will look at both options.

How to enter your opening stock balances manually

These are entered via the Inventory module option, Inventory adjustments.

In order to enter these your products and product groups need to be created first.

  • Click on New entry change the entry type to Opening, by doing this the entries can be easily identifiable should you need to refer back to them.

  • Select the product code

  • Select the location if you have set these up

  • Enter the opening stock balance

  • Enter the unit price of the item

  • Select the currency which is defaulted to your base currency

  • Save or, save and new if you have another item to enter.

Once saved the item/s will appear in the Adjustment list ready for posting.

When you are ready to book your entries click in the box far left and the system will enter a tick in each box. Then select book adjustments.

  • Enter the booking date of the transaction

  • Enter text in the Booking text box

  • Enter additional text if required

  • In Opening select the chart of accounts code you are booking this against. In this case the financial opening balances have already been entered so we don't want to change the amount in the default stock account within the balance sheet only add the stock to the product list so we enter 1091 and tick the box to save should we have more to enter.

  • Click ok

  • The item will then be booked placing the quantity entered in stock with the relevant cost price and the overall cost would have already been entered onto the balance sheet with your opening financial balances.

How to import your opening stock balances

Should you have a large product list that needs to be incorporated into the system you can import these via an excel csv file. The layout of your file needs to look like this:-

If you are not using Locations then you can leave this option blank, if you are entering your stock unit price in a different currency to base you need to enter the exchange rate in the column provided otherwise enter 100.

Save your file as an excel csv file.

Click on the far right icon with the inventory adjustment menu option to import your file.

Select your save file to import.

  • Skip 1 line as the system cannot import headers and you will receive an error message if you attempt to import these.

  • Map the columns of your Source file with the columns to the Load file you can change the Type to Fixed Value and select Opening from the drop down likewise with the exchange rate, if you are importing all transactions in your base currency you can change this to Fixed value and enter 100 in the fixed value box.

  • Click Import data.

  • You will then see confirmation that the transactions have been imported.

  • They will be listed as a draft Inventory adjustment ready to book.

  • Follow the steps above for booking as these are the same if you had entered the transactions manually.

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